Friday, February 26, 2016 : NEVADA REGULATOR PLACED CONDITIONS ON IOVATION'S LICENCE (Update)
Did Nevada Gaming Commission note management's involvement in UltimateBet debacle after all?
The online poker industry furore over the award of a Nevada gaming supply licence for Iovation's geo-location technology perhaps failed to note that the Commission cautiously added a few conditions to the award.
The release of these conditions this week prompted some industry sources to observe that perhaps the regulator had taken the controversial UltimateBet history of the company and its management into account after all.
A total of eight conditions are attached to the licence, including the restriction of the award to geo-location services; a provision barring company personnel from any contact with Russ Hamilton (named as the main beneficiary of the UltimateBet ‘God Mode' cheating software); and a requirement that if Hamilton contacts the company the regulator is to be immediately informed.
Iovation must also immediately advise the Nevada Gaming Control Board if it discovers that any of the information it provided to the Board for its licence is subsequently found to be inaccurate, and the company is enjoined to immediately report any state, federal or regulatory complaint or ac tion against it.
The company was given 60 days to submit full details of its internal control procedures to the regulator, and must post a $25,000 deposit to cover any future investigative reviews or surveillance decided on by the Board in relation to the company or related bodies.